If, if, if ...If our market cap was $2 to $3 billion, I could see a predator being careful about having all the ducks in order (e.g. the property being fully permitted) before launching a takeover bid, because $3 billion is a lot of money. But, our market cap is barely a billion. A bid of $1.5 billion may not command the same degree of prudence on the part of a predator - i.e it could be a risk worth taking - and would represent a tempting 50% premium over the current SP. If such a bid was presented to the company, the company could not sit on it or reject it out of hand, because it would be regarded as a legitimate bid. Management would be required to disclose it. So, I'm not ready to dismiss the possibility of a takeover bid before the property has been fully permitted and proven as long as the market cap remains in the vicinity of current levels.